Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[magicmexican]

All this selling on gox doesnt make much sense to me

[1715063444]

1715063444

[1715063444]

1715063444

[1715063444]

1715063444

[1715063444]

1715063444

[1715063444]

1715063444

[1715063444]

1715063444

[ShroomsKit]

I have the feeling we'll see another dump on stamp soon which will take us to 600. And there people will completely poop their pants for a few days and finally panic sell to Gox levels.

[ShroomsKit]

All this selling on gox doesnt make much sense to me

It's gonna take the other exchanges with it. Because that's how dumb the sheep are.

[stompix]

I have the feeling we'll see another dump on stamp soon which will take us to 600. And there people will completely poop their pants for a few days and finally panic sell to Gox levels.

And you turning bearish on the price , that's one bad sign.

[JorgeStolfi]

PS. I think that the only really bad news for bitcoin iinvestors that I have seen in the last few months were these two lines in the recent interview of Huobi's CEO:

  "We’ll evaluate the virtual currencies’ general market value and its circulation to decide whether to include [other cryptocoins]. Litecoin is in our plan. We need more observation of the situation of Dogecoin."

http://forexmagnates.com/exclusive-interview-ceo-of-largest-bitcoin-exchange-in-the-world-huobi-responds-to-mt-gox-situation/

[billyjoeallen]

There is a Bitcoin future in China, whether the government bans it or not. The fact that it's useful for evading capital controls and other State restrictions guarantees it.

Is it?  Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed. One could buy from anyone in China who holds bitcoin and was willing to sell. Communist countries have always had black markets.

http://en.wikipedia.org/wiki/Capital_control

The laws of economics cannot be repealed by legislative fiat. You could sooner repeal the Law of Gravity.

[empowering]

Also... as a little side note.. this year everyone I know that is not already a BTC hodler when it comes to their birthdays or Christmas presents I will be setting them up wallets on their androids or PC and a paper wallet too, and I will chuck a $100 of BTC in their wallets and that will be them..  and then I will poke and prod them until they do likewise "have you set your gran up a wallet yet?"

Another plus, basically I just did all my Christmas shopping for 2014 the other day : )  

Have you set your granma up a wallet yet?  I did and they are both dead - but they have still got f'kin Bitcoin wallets with a few BTC in them

No excuses ! not even death.

[magicmexican]

Gox starting a rally, time to buy

[njcarlos]

Gox starting a rally, time to buy

Retesting 30 day lows is a rally? I'm so cornfused.

[yrtrnc]

I just had a vision of Chinese people in gambling dens betting bitcoin on cock fights.

There is a Bitcoin future in China, whether the government bans it or not. The fact that it's useful for evading capital controls and other State restrictions guarantees it.

Is it?  Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed. One could buy from anyone in China who holds bitcoin and was willing to sell. Communist countries have always had black markets.

http://en.wikipedia.org/wiki/Capital_control

The laws of economics cannot be repealed by legislative fiat. You could sooner repeal the Law of Gravity.

[magicmexican]

Well dayum, my fiat wont be on gox in time

[Nemo1024]

There is a Bitcoin future in China, whether the government bans it or not. The fact that it's useful for evading capital controls and other State restrictions guarantees it.

Is it?  Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed. One could buy from anyone in China who holds bitcoin and was willing to sell. Communist countries have always had black markets.

http://en.wikipedia.org/wiki/Capital_control

The laws of economics cannot be repealed by legislative fiat. You could sooner repeal the Law of Gravity.

Chinese may have a Communist government, but it's mainly so in name only. When it comes to the sensibilities of economics, they take a far more liberal stance, than most "democracies".

[ChartBuddy]

Explanation

[billyjoeallen]

Gox starting a rally, time to buy

How is Gox a leading indicator? Why does it matter what price people are trading imaginary fiat for imaginary coins? I suspect the only thing Gox prices indicate are the relative likelihood of BTC withdrawals resuming compared to fiat withdrawals.

[kkaspar]

I didn't say that the price should be controlled, I told that the marker should have been smarter. There is a difference.



So who the fuck was supposed to sell at the bottom to make this smart transition and how would that be smart? What an asshole!  It should go down more so it can go up more, right? I guess you are whining that you didn't get enough of an opportunity to prey on panic sellers.

The market is the market, douchenozzle. That's like saying the weather should be smarter. It's not even coherent enough to be wrong.

Slowest people should sell at the bottom, like always. It will also be like this right now, but the process will take a lot longer then needed.
I think that it is healthy to tell the market about their mistakes and how they were stupid. As I said, this market needs some criticism to bring people back to reality.

[adamstgBit]

Gox starting a rally, time to buy

Retesting 30 day lows is a rally? I'm so cornfused.

lol!
gox price is the odds to a bet, will mtgox fix the BTC withdrawal or will they implode, i wouldn't be surprised for the GOX/STAMPS to fall to 30-50%....

I have the feeling we'll see another dump on stamp soon which will take us to 600. And there people will completely poop their pants for a few days and finally panic sell to Gox levels.

And you turning bearish on the price , that's one bad sign.

I think we are either at bottom or close to it.

being ~50% lower than ATH, buying now is not all that scary...

[billyjoeallen]

There is a Bitcoin future in China, whether the government bans it or not. The fact that it's useful for evading capital controls and other State restrictions guarantees it.

Is it?  Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed. One could buy from anyone in China who holds bitcoin and was willing to sell. Communist countries have always had black markets.

http://en.wikipedia.org/wiki/Capital_control

The laws of economics cannot be repealed by legislative fiat. You could sooner repeal the Law of Gravity.

Chinese may have a Communist government, but it's mainly so in name only. When it comes to the sensibilities of economics, they take a far more liberal stance, than most "democracies".

http://www.forbes.com/sites/timworstall/2013/11/21/finally-a-proper-use-for-bitcoin-avoiding-capital-controls/

[stompix]

There is a Bitcoin future in China, whether the government bans it or not. The fact that it's useful for evading capital controls and other State restrictions guarantees it.

Is it?  Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed. One could buy from anyone in China who holds bitcoin and was willing to sell. Communist countries have always had black markets.

http://en.wikipedia.org/wiki/Capital_control

The laws of economics cannot be repealed by legislative fiat. You could sooner repeal the Law of Gravity.

Chinese may have a Communist government, but it's mainly so in name only. When it comes to the sensibilities of economics, they take a far more liberal stance, than most "democracies".

They just did that a few month ago , didn't they?

[Nightowlace]

Sorry if this is a repost;
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
So a combined attack on BTC price from all sources 

Attack? This is uber-bullish. If JP Morgan had to write a detailed report in order to shit on BTC it means they are pooping their pants. They are seriously concerned.

Great.

False. It's probably because some on the board have an interest in bitcoin and want to know why they aren't diversifying. I don't think any Main Street investor is shitting their pants about BTC right now. Probably the opposite. A bet there is a lot of "I told you so's" happening at this moment.

I'm a long term bull, and maintain the outlook that this too shall pass. However in the short term this is going to get very ugly. This is the tip of the iceberg when it comes to the shit storm we are going to experience.  

[JorgeStolfi]

Basically the only way to convert Yuan to/from Bitcoin now is through a Chinese bank.  Both the bank and the exchange will want your ID. 

What do you mean exactly by "evading capital controls and State restrictions"?

There are many miners in China. The Chinese could buy or trade from them even if all the exchanges closed.

How many coins are being mined these days?   At the price they would fetch outside China, would they be enough for significant evasion?

I don't think that those coins would be easy or safe to get. How would the evaders contact the miners and pay them?  Big miners have large installations and huge electricity bills, they cannot easily hide from the government.